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CORRECTION Troubled Italian bank Carige strikes key deals on recapitalization

Europe
18.11.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Rome (dpa) - Troubled Italian bank Carige said overnight it struck key deals with shareholders and underwriters to underpin a 560-million-euro (660-million-dollar) recapitalization needed to avoid bankruptcy.

The news is likely to ease concerns about the risk of a wider banking crisis in Italy, where several lenders are struggling with accumulated bad loans and insufficient capital.

Carige‘s main existing shareholders agreed to buy new shares and increase their stake in the bank to almost 30 per cent, a statement said.

A consortium of international banks, comprising Credit Suisse, Deutsche Bank and Barclays Bank, committed to buy the proportion of new shares that remains unsold, Carige added.

Carige aims to raise about 500 million euros from its shareholders, and 60 million euros from subordinated bond holders. The recapitalization offer will run from Wednesday to December 6.

The bank, which is saddled with a heap of bad loans and whose former top manager Giovanni Berneschi was convicted of fraud and money laundering in February, was in 2016 Italy‘s 16th largest lender.

Trading in its shares on the Milan bourse was suspended on Friday, when its stock was worth about 0.15 euro cents. At the start of 2013, shares were worth 11 euros.

Since 2015, seven Italian banks have failed, including Monte dei Paschi di Siena (MPS), which was founded in 1472 and is the world‘s oldest lender.

The government has earmarked 20 billion euros for bank rescues, and used about half of that sum to bail out MPS and liquidate two smaller banks, Veneto Banca and Banca Popolare di Vicenza.

 

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